(a) The prohibitions in section two of this article do not
apply to any transaction offered by and in which one of the
following persons, or any employee, officer or director thereof
acting solely in that capacity, is the purchaser or seller:

(1) A person registered with the commodity futures trading
commission as a futures commission merchant or as a leverage
transaction merchant whose activities require such registration;

(2) A person registered with the securities and exchange
commission as a broker-dealer whose activities require such
registration;

(3) A person affiliated with, and whose obligations and
liabilities under the transaction are guaranteed by, a person
referred to in subdivision (1) or (2) of this section;

(4) A person who is a member of a contract market designated
by the commodity futures trading commission, or any clearinghouse
thereof;

(5) A financial institution; or

(6) A person registered under the laws of this state as a
securities broker-dealer whose activities require such
registration.

(b) The exemption provided by this section does not apply to
any transaction or activity which is prohibited by the Commodity
Exchange Act or CFTC Rule.